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Income Taxes

9 Months Ended

Sep. 30, 2020

Income Taxes

7. Income Taxes

Effective Income Tax Rate

Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2020			2019			2020			2019
U.S. corporate income tax rate		21	%		21	%		21	%		21	%
Dividends received deduction		(7)			(6)			(5)			(5)
Tax credits		(5)			(3)			(3)			(3)
Impact of equity method presentation		(2)			(2)			(1)			(1)
Interest exclusion from taxable income		(1)			(1)			(1)			(1)
State income taxes		2			2			1			1
Local country permanent tax adjustments		1			5			1			1
Low income housing tax credit amortization		1			—			1			—
Other		4			2			1			2
Effective income tax rate		14	%		18	%		15	%		15	%

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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